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In the present day’s high headlines
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7:30 a.m.
Sugar manufacturing unit strike places squeeze on vacation baking
Small companies throughout western Canada that rely on sugar are scuffling with shortages and better prices as labour motion at one of many nation’s few sugar processing amenities stretches right into a seventh week.
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Based on the Canadian Sugar Institute, Canada produces roughly 1.2 million tonnes of refined sugar yearly — round 94 per cent of which is refined from uncooked cane sugar imported in bulk to a few refining operations in Vancouver, Toronto and Montreal.
The Toronto refinery is owned by Redpath Sugar, whereas the Vancouver and Montreal refineries are operated by Rogers Sugar Inc., which markets its merchandise beneath the model names Rogers and Lantic.
The sugar provide points being skilled in Western Canada stem from the Vancouver refinery, the place 138 putting staff have been off the job since Sept. 28.
Adrian Soldera, president of Public and Non-public Employees of Canada Native 8, stated the union is at odds with Rogers Sugar over points like wages, advantages and the corporate’s proposal to extend refinery operations to 24 hours a day, twelve months per yr.
Soldera stated he’s conscious the strike is impacting prospects — even on the grocery retailer stage, the place prospects are experiencing sporadic shortages simply as demand from house bakers begins to spike.
“I mean, this must be the highest sugar demand time of the year,” Soldera stated, including he doesn’t know when the strike will finish because the union and employer positions stay far aside.
Prime Tales
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“Even if we went back tomorrow, the sugar won’t really be hitting the shelves in full capacity until the first or second week of December.”
Amanda Stephenson, The Canadian Press
Inventory markets earlier than the opening bell
Shares are again within the recreation and bond yields are dropping at present as new indicators that the financial system is slowing have traders betting on interest rate cuts subsequent yr.
European shares are up and U.S. futures are climbing.
This week’s gentle inflation reading and jobs information in the USA has fuelled the conviction that aggressive policy-tightening cycles from the Federal Reserve and different central banks are lastly at an finish.
That view helped drive US$23.5 billion into inventory funds within the week via Nov. 15, the second-biggest inflows of the yr, says Financial institution of America Corp.
There are additionally indicators that charge hikes are lastly crimping financial progress and firm earnings. Oil prices dropped right into a bear market, down 20 per cent from their September highs. And the chief govt of Walmart Inc., the world’s largest retailer, stated yesterday he sees potential for deflation.
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Yesterday Canada’s fundamental index misplaced a handful of factors, weighed down by weak point in vitality and base metallic shares, whereas U.S. markets have been blended. Discover the top three stocks on the TSX here.
Bloomberg
What to observe at present
Prime Minister Justin Trudeau is on the Asia-Pacific Financial Cooperation assembly in San Francisco
In Canada, there will probably be extra information on housing with the discharge of Teranet-Nationwide Financial institution Housing Worth Index.
Canada may also get information updates on industrial product and uncooked supplies costs and worldwide securities transactions.
The parliamentary price range officer will publish two experiences to the company’s web page, one costing out help for electric-vehicle battery manufacturing and the opposite on the price of pausing the carbon tax on heating oil within the Atlantic provinces.
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Want a refresher on yesterday’s high headlines? Get caught up here.
Extra reporting by The Canadian Press, Related Press and Bloomberg
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